As some of you may know, I get the Gemini weekly newsletter. Yesterday, I received one that started with this post's title. Here's what the blog post on Gemini's site had to report:
CLARITY Act stalls over stablecoin yield debate, other unresolved issues: The US Senate Banking Committee delayed a planned markup of the CLARITY Act on Thursday after industry participants raised concerns about a number of the proposed crypto market structure bill’s provisions. The CLARITY Act had recently faced scrutiny from the crypto lobby after banking interests fought to ban stablecoins from paying out yield, arguing it would hurt community banks.
Coinbase CEO Brian Armstrong objected to the latest version on Wednesday, arguing it would essentially ban tokenized equities, give the government unlimited access to DeFi activities, provide unneeded oversight to the SEC, and essentially kill stablecoin rewards.
[...] Lawmakers also apparently were unable to come to a consensus on how to set up an ethics framework to prevent politicians from financially benefiting from crypto trades.
As of Thursday, it was unclear when a markup might happen. The Senate AG Committee is expected to release its own markup of the CLARITY Act before the end of the month, giving Congress a few weeks to hash out issues and potentially put it to a floor vote.
In Other, Unrelated News
I haven't been on Pub0x much since discovering BlueSky, but I'm not gone from it entirely. I'll continue to stop by on occasion.
Exactly a week ago at time of writing, I was bitten by a dog at work. Fortunately, there was only one deep wound (which hasn't fully healed yet, though the hospital refused to stitch it in case of infection). The underside of my forearm is covered in puncture wounds where it broke the skin. Fortunately, the bruising has subsided quite considerably. Now, my arm itches like crazy and I try not to scratch it too much because the bandaid I have over the deep wound will come off and it might bleed into my shirtsleeve.
Thumbnail image copyright Gemini
